Shareholders, advisers criticise Toyota's bid for Daihatsu as cheap
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Tokyo
TOYOTA Motor Corp's US$3.1 billion bid to buy out Daihatsu Motor Co has run into shareholder and proxy-adviser criticism for being on the cheap, highlighting corporate governance challenges years into Japan Inc's push to become more investor friendly.
Arga Investment Management LP, a Stamford, Connecticut-based fund that owns a 1.4 per cent stake in Daihatsu, wants a 73 per cent increase in the share-exchange ratio that the carmakers announced in January. Institutional Shareholder Services Inc (ISS), which advises investors on board proposals, also opposes the terms and calls them "disadvantageous to minority shareholders".
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